Stocks Hit Record Highs on US-Iran Talk Optimism: Markets Wrap
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(Bloomberg) — Hopes that the US and Iran will be back to the negotiating table lifted stocks to all-time highs, with the market also rising after a blowout forecast from Intel Corp. and the closing of a probe into Federal Reserve Chair Jerome Powell.
SNB Chief Economist Lenz to Retire, With Brown Set to Take Over
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(Bloomberg) — Swiss National Bank Chief Economist Carlos Lenz is set to retire at the end of the year and will be succeeded by Martin Brown, the current director of the central bank’s academic research institution.
Finma Says Immediate Mythos Access Would Pose Systemic Bank Risk
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(Bloomberg) — Switzerland’s top financial regulator said giving banks quick and easy access to Anthropic PBC’s artificial intelligence tool Mythos would create a severe risk for the country’s financial system.
Billionaire Niel Faces GAM Minority Shareholder Revolt on Board
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(Bloomberg) — GAM Holding AG, the Swiss asset manager backed by Xavier Niel, is facing a challenge from minority shareholders who claim the billionaire is misusing his position to override their rights and reshape the company at will.
Schlegel Says Vigilant SNB Unrestricted on Rates, Interventions
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(Bloomberg) — The Swiss National Bank is closely monitoring fallout from the Iran war and can steer the franc’s exchange rate without limits if necessary, according to President Martin Schlegel.
SNB Move Below Zero Bigger Step Than Normal Cut, Schlegel Tells NZZ
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(Bloomberg) — Swiss National Bank President Martin Schlegel said cutting borrowing costs below zero is a more significant move than a reduction above that level, according to an interview in Neue Zuercher Zeitung.
Stocks Decline as Iran Jitters Spur Rally in Oil: Markets Wrap
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(Bloomberg) — A fresh bout of volatility rattled markets, with stocks falling as oil rose on concern about an escalation of the conflict in the Middle East that could prolong the Strait of Hormuz closure, worsening energy disruptions.
SNB Readiness to Intervene on FX Is Elevated, Martin Tells RTS
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(Bloomberg) — The Swiss National Bank maintains an increased readiness to step into currency markets, Vice President Antoine Martin told public broadcaster RTS.
UBS Standoff With Switzerland Escalates as Reforms Shape Up
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(Bloomberg) — Swiss banking is a discreet, tight-knit world. UBS Group AG’s increasingly fiery clash with its own government is a very different affair.
UBS AT1 Investors Get a Win After Swiss Put Reforms on Ice
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(Bloomberg) — As UBS Group AG blasted the Swiss government’s plans on tougher banking rules, holders of its riskiest bonds celebrated thanks to one sentence in the announcement.
Ex-Credit Suisse Team Plans $1 Billion Fund for Data Center Risk
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(Bloomberg) — A team of former Credit Suisse bankers is preparing to launch a fund they say will offer double-digit returns in exchange for taking on some of the insurance risk tied to data centers.
Trump’s Drug Pricing Policy Deprives Patients in Europe of New Treatments
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(Bloomberg) — Frank Hennemann sometimes coughs 400 times a day. His airways are damaged by a lung condition called bronchiectasis, which he describes as feeling like two trucks are parking on his chest.
S&P 500 Climbs to All-Time Highs; Tesla Jumps Late: Markets Wrap
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(Bloomberg) — Stocks climbed to all-time highs as a slew of strong corporate results and President Donald Trump’s extension of a ceasefire with Iran revived risk appetites after a two-day retreat. Bitcoin rallied.
UBS Faces $20 Billion Hike in Capital Needs as Swiss Split Grows
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(Bloomberg) — The Swiss government outlined plans that would add billions of dollars to UBS Group AG’s capital requirements, deepening a showdown with the lender over its proposed banking reforms.
UBS Sees $4 Billion Capital Impact From Swiss Executive Order
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(Bloomberg) — UBS Group AG estimated that the now-decided element of new Swiss banking rules will reduce company-wide CET1 capital by $4 billion once fully implemented, as it renewed its critique of the overall reform package.
US Stock ETF Rises Late as Trump Extends Ceasefire: Markets Wrap
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(Bloomberg) — A giant exchange-traded fund tracking US stocks climbed in late hours after President Donald Trump said he’s extending the ceasefire deal with Iran until talks conclude.
Ferrexpo Slumps After Warning Cash May Run Out by End of August
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(Bloomberg) — Ferrexpo Plc slumped 13% after the Ukrainian iron ore producer warned that without fresh funding it could run out of cash by the end of August.
Switzerland Set to Soften Some UBS Capital Rules, TP Reports
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(Bloomberg) — The Swiss government is set to present softened bank capital rules later today, according to the news portal Tippinpoint, in a move that would reduce the expected impact for UBS Group AG.
Goldman Sachs’ Alternatives Arm Buys Stake in Swiss AI Firm BLP
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(Bloomberg) — A unit of Goldman Sachs Asset Management invested $50 million in BLP Digital, a Swiss artificial intelligence company that helps companies automate financial processes such as invoicing and internal reporting.
UBS Set for Long-Awaited Clarity on Switzerland’s Capital Rules
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(Bloomberg) — UBS Group AG is finally about to find out just how many billions of dollars Switzerland will strip from its capital buffers.
